Johnson & Johnson 5-Step Dupont Analysis and Comparison with Regeneron Following are 5-Step Dupont Analysis calculations for Johnson & Johnson and Regeneron Pharmaceuticals for 2020 & 2019. Johnson & Johnson Five-component disaggregation of ROE ROE = Tax Burden * Interest Burden * EBIT Margin * Asset Turnover * Financial Leverage Dec 31, 2020 23.25%6 Dec 29, 2019 25.42% 0.89 0.87 0.99 0.98 20.22% 21.50% 0.47 0.52 2.76 2.65 Regeneron Pharmaceuticals Inc. Five-component disaggregation of ROE ROE = Tax Burden * Interest Burden * EBIT Margin * Asset Turnover Financial Leverage Dec 31, 2020 31.86% Dec 31, 2019 19.08% Required A: 0.92 0.87 0.99 0.99 45.51% 31.28% 0.50 0.53 1.56 1.34 Compare the results of Johnson & Johnson's Dupont analysis in 2020 with 2019 1. Did Johnson & Johnson provide better or worse returns to its shareholders in 2020 compared to 2019? 2. Which of the components of the above Dupont Analysis contributed to the direction of the change in Johnson & Johnson's Return on Equity (ROE) from 2019 to 2020 you identified in question "1"? Denuired R. Required B: Compare the results of your Dupont analysis for Johnson & Johnson with those of its competitor, Regeneron Pharmaceuticals Inc. 3. Who had the higher ROE in 2020? 4. Which of the components of the above Dupont Analyses caused the company you identified in required 3 to have the higher Return on Equity (ROE) in 2020? Required C: 5. Calculate Johnson & Johnson's Return on Assets for 2020